Reply
Super Contributor
Posts: 9,674
Registered: ‎01-28-2010
0

Re: Installment Loan (HELP)

It's not that on~time payments will help your score in the same way that late payments hurt your score.

The account age is a factor in FICO scoring ~ older accounts contribute to a longer AAoA
March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Regular Contributor
Posts: 239
Registered: ‎03-27-2007
0

Re: Installment Loan (HELP)


pizzadude wrote:
It's not that on~time payments will help your score in the same way that late payments hurt your score.

The account age is a factor in FICO scoring ~ older accounts contribute to a longer AAoA

So, in short, the number of OK payments are not weighed in the FICO score?  Only the date the account was opened, without lates, effect the scoring model?

American Express Blue Cash Everyday $25000
Barclays Sallie Mae World MasterCard $25000
Capital One Quicksilver World MasterCard $12500
Chase Freedom Visa Signature $25000
Discover IT $15000
US Bank Cash+ Visa Signature $25000
Synchrony Bank Old Navy Visa $25000

Epic Contributor
Posts: 22,406
Registered: ‎01-17-2008
0

Re: Installment Loan (HELP)


Drew wrote:

pizzadude wrote:
It's not that on~time payments will help your score in the same way that late payments hurt your score.

The account age is a factor in FICO scoring ~ older accounts contribute to a longer AAoA

So, in short, the number of OK payments are not weighed in the FICO score?  Only the date the account was opened, without lates, effect the scoring model?


Basically, yes.  You are not rewarded for making ontime payments because it is expected that you will.    Negatives always impact your score.

 

The open date, with or without lates is factored into AAoA.  Any OC account, open, closed, good or bad is factored into AAoA.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.